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Peso Awaits Thursday's BSP Monetary Policy Decision

PHP

Spot USD/PHP registered a fresh 10-month high Tuesday, but struggled to make much headway beyond Feb 23 high of THB48.755 and eased off later in the day, finishing the day in negative territory. The rate has edged higher this morning, despite yesterday's losses in the USD seen after Philippine markets closed. The pair last trades +0.023 at PHP48.713.

  • A break above yesterday's peak, located at PHP48.761, would bring the PHP49.000 figure into play. Bears would be pleased by a fall through the 200-DMA at PHP48.277.
  • USD/PHP 1-month NDF last -0.010 at PHP48.810, with bears keeping an eye on the 200-DMA at PHP48.355, followed by May 25 high of PHP48.310. Bulls need a move through Jun 21 high of PHP48.950, before taking aim at Apr 7 high of PHP49.010.
  • Philippine budget deficit widened to PHP200.3bn in May from PHP44.4bn in the prior month, per the latest update from the Bureau of the Tsy.
  • Pres Duterte has ordered gov't agencies to expedite the distribution of Covid-19 jabs to provinces. Elsewhere, Justice Sec Guevarra downplayed the President's threats to imprison vaccine-refusers, noting that there is no legislation which would allow the authorities to force people to get inoculated.
  • Bangko Sentral ng Pilipinas are set to deliver their latest monetary policy decision today, with analysts expecting policymakers to leave interest rates on hold.
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